6th Mar 2023 14:08
(Alliance News) - Power Metal Resources PLC on Monday reported a higher loss in the financial year ended September 30, as operating expenses rose.
The metals exploration company, focused on North America, Africa and Australia, said that pretax loss in financial 2022 widened to GBP2.9 million from GBP623,000 a year prior. Revenue remained flat at GBP37,000. Operating expenses widened to GBP3.1 million from GBP847,000.
"The dual pathway of proactive exploration of retained project interests continued across multiple projects, alongside the advancement of corporate activities seeking the outright disposal or planned spin-out initial public offering of certain project interests," Power Metal said.
Looking ahead, the company said the world is starting to recognise the importance of metal supply, viewing itself as "uniquely well positioned." It added that it is focused on delivering advanced exploration programmes "across its to be retained exploration portfolio, and with acquisition restricted to additional uranium and lithium focused opportunities."
Power Metal shares were flat at 1.07 pence each in London on Monday afternoon.
By Tom Budszus, Alliance News reporter
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